RussNeft Announces Creation of a Subsidiary, RussNeft Research and Technology Center OOO
RussNeft has announced creation of a subsidiary under the name of ‘RussNeft Research and Technology Center OOO’. This strategic decision will allow RussNeft to ensure “highly efficient development of its oilfields and proper exploitation of its resources which by this time have significantly increased”, as pointed out in the company’s statement. Many objectives to be accomplished by the Center also include preparation of reservoir engineering documents for the oil producers of the Holding Company to develop their oilfields, and oilfield development efficiency enhancement basing on creating and monitoring oilfield geological and hydrodynamic simulation models. In addition, the Center shall control the quality of the research on reservoir engineering and geological study of the subsoil to be done for RussNeft by independent service companies.
As RussNeft President Mikhail Gutseriev pointed out:
“The Scientific and Technology Center is a cerebrum of the Holding Company, whose functioning will allow to efficiently develop oil and gas fields, to quickly and effectively draw up action programmes on exploration, drilling and oil production.”
Oil Company RussNeft OAO is vertically integrated oil holding structuring 30 oil producers, 3 oil refineries, 2 transport companies and an up-to-date retail network with 300 gas-filling complexes. The enterprises of the company are situated in 17 regions of Russia and CIS. Its total recoverable reserves exceed 630 million tons and its annual oil output has reached 17 million tons.